"It was a very slow day, as there wasn't a lot of movement or news out there," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Still, when you consider the strong end-of-week bounce we just saw, not giving back the gains is a plus." By the time the closing bell sounded, the Dow Jones Industrial Average (DJI) was sitting slightly higher, after spending most of the session below breakeven.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,801.79) traded south of the flatline for most of the day, but a burst of late-day buying strength took the blue-chip index into the black by 7.7 points. Leading the 17 Dow advancers were The Walt Disney Company (NYSE:DIS) and Travelers Companies Inc (NYSE:TRV), both of which added 1.8% today. UnitedHealth Group Inc (NYSE:UNH) brought up the rear with its 2.3% drop, and DuPont and Co (NYSE:DD) was unchanged on the day.
The S&P 500 Index (SPX - 1,799.84) was unable to surmount 1,800 in intraday trading, but settled for an advance of 2.8 points, or 0.2%, closing just shy of its intraday peak. The Nasdaq Composite (COMP - 4,148.17) outperformed its index rivals, gaining 22.3 points, or 0.5%.
The CBOE Volatility Index (VIX - 15.26) continued its recent backslide -- but barely -- reversing 0.2% on the day.
A Trader's Take:
"Tomorrow, Janet Yellen begins her testimony on Capitol Hill, speaking before the U.S. House Financial Services Committee," added Detrick. "It's one of her first times in the spotlight as Federal Reserve Chairwoman, and her remarks will be very closely watched and scrutinized. With that said, tomorrow could very well have more fireworks than today's dull session did."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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